Creating a Regression Pack

I am new to SpiraTest and in the current test tool (TFS) they use the Tagging facility to mark individual tests cases as "Regression Tests" to then pull into a test suite for Regression Testing which is a sub-set of perhaps the larger original functional test suite. Does SpiraTest have a similar concept or a way of facilitating this?

Absolutely, you can add custom fields to categorize test cases in various ways. However for this specific need, it's even easier, simply use the built in Test Type field to categorize your different test cases, it comes with pre-built category of 'Regression Test'.